Greens seek $11bn levy on big four banks

The Greens want a 0.2 per cent levy on all bank assets above $100 billion, which would include ANZ, Westpac Banking Corp, Commonwealth Bank of Australia and National Australia Bank.
Photo: Joe Armao

by
Gemma Daley

The Greens have put forward a plan to impose a levy that would cost the big four banks $11 billion over four years in exchange for insolvency protection.

The party wants a 0.2 per cent levy on all bank assets above $100 billion, which would affect
ANZ
,
Westpac Banking Corp
,
Commonwealth Bank of Australia
and
National Australia Bank
.

The big four are “systemic institutions" that would be protected under the government’s “too big to fail" policy that would kick in if they were in trouble, the Greens said.

Being a “systemic institution" allows them to access funds at a cheaper rate than their smaller competitors, yet sell them at the same rate, which boosts their profits, Greens Deputy Leader
Adam Bandt
said.

“Under Labor, the big four banks are making more from mortgages, dominating more of the market and enjoying record profits," he said.

Related Quotes

Company Profile

“Everything Labor has done has made it easier for the big four banks to make bigger profits off the backs of consumers – it is time the big four banks paid a fair contribution for the public support they receive."

The Parliamentary Budget Office estimates the 20-basis-point levy on bank assets of more than $100 billion would raise $11 billion over the next four years.